Urstadt Biddle Properties buys retail space in New Jersey

Urstadt Biddle Properties Inc. has completed the purchase of a retail property in Bergen County, N.J., for a purchase price of $6.25 million, excluding closing costs, the company announced last week.

The 20,000-square-foot property, located on Franklin Turnpike in Waldwick, N.J., is net-leased to Rite Aid, a publicly traded, national chain of drug stores, under a long-term lease that expires in 2017.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust. The company owns or has interest in 40 properties containing approximately 3.8 million square feet of space.

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